Traditional IRAs or Roth IRAs

An IRA is an Individual Retirement Account, often offered through an employer but also available to set up on your own as a member of the workforce.

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Opening a Traditional IRA

The Traditional IRA available through Ion Bank is a Certificate of Deposit (CD) account with a 3 to 60-month term that grows free from tax until withdrawn. Contributions may also be tax deductible, but withdrawals are taxable1.

If you are under the age of 70 ½ for the entire tax year, you may be qualified to open and contribute to a Traditional IRA if you have employment-related income.

Opening a Roth IRA

Roth IRAs are beneficial to young investors, who can see their investments grow free from tax and make withdrawals at any time, if qualified2. Another benefit for account holders is the ability to make contributions of after-tax dollars.

A Roth IRA lets you:

  • Invest after-tax dollars
  • See your investment grow tax-deferred
  • Take qualified distributions from your account without tax or penalty

Unlike a Traditional IRA, there are no required withdrawals and, as a result, funds may be left intact indefinitely.

To open a Traditional or Roth IRA through Ion Bank, contact us today!

1Ask your tax advisor for more details.
2There is a single, 5 year holding period when determining whether earnings can be withdrawn federally tax-free as part of a qualified distribution from a Roth IRA. This period begins January 1 of the year of the first contribution to any Roth IRA account.

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